Michaël van de Poppe, a popular crypto analyst and trader, has updated his outlook on XRP, setting a price target for the cryptocurrency that has been battered by the long-standing lawsuit between Ripple and the United States Securities and Exchange Commission (SEC).
In a tweet about two days ago, Van de Poppe said XRP could dip by more than 22% if it fails to reclaim a certain key level as soon as possible.
Michaël van de Poppe tweeted, “This one looks a bit odd, as we’ve seen a harsh rejection at $0.370. I’d prefer to see XRP reclaim the level at $0.343 relatively fast, otherwise, a ton of liquidity is on the downside to be taken (comparable with Bitcoin). $0.265 massive support.”
Request 01 – $XRP
This one looks a bit odd, as we've seen a harsh rejection at $0.37.
$0.265 massive support. pic.twitter.com/wgYN5JLye1
— Michaël van de Poppe (@CryptoMichNL) December 30, 2022
The prominent trader also analyzed the support and resistance levels for Bitcoin (BTC) in a new strategy session video. He tells his 164,000 Youtube subscribers that a rally to as high as $17,700 is possible, while a new support level as low as $15,800 is likely if there is a move down.
Michaël van de Poppe noted:
“The moment that we’re going to break to the upside, the resistance at $17,400 is going to be quite clear. The same goes for $17,700. If we’re going to have a reversal or at least continue to grind, I think that a run toward these levels is pretty much what I’ll be looking at when it comes to the price action of Bitcoin…
“On the downside, we’ve got some support levels. First of all, we’ve had this area at $16,600, which generated a little bit of a bounce, and $16,400 is the more important one. Then if we’re looking at this entire structure, we also have the case of $15,800 as the next support if we keep on trending down.”